AGNICO EAGLE REPORTS THIRD QUARTER 2024 RESULTS – RECORD FREE CASH FLOW FOR THE FOURTH CONSECUTIVE QUARTER; 

Third quarter 2024 highlights:

• Solid quarterly gold production and cost performance – Payable gold production¹ was 863,445 ounces at production costs per ounce of $908, total cash costs per ounce² of $921 and all-in sustaining costs (“AISC”) per ounce² of $1,286
• Continued to deliver reliable operating and cost performance – Gold production and costs in the third quarter of 2024 were in line with plan, driven by strong production in Nunavut and at Macassa and Fosterville. The Company’s continued focus on operational efficiencies and cost optimization drove record quarterly throughput and mining rates at multiple sites
• Well positioned to achieve 2024 gold production, cost and capital expenditures guidance – The Company is tracking well to meet its gold production guidance for the full year 2024. Total cash costs per ounce, AISC per ounce and capital expenditures guidance for 2024 remain unchanged
• Record quarterly adjusted net income³ – The Company reported quarterly net income of $567.1 million or $1.13 per share and adjusted net income of $572.6 million or $1.14 per share
• Record quarterly cash provided by operating activities and free cash flow – The Company generated record cash provided by operating activities of $1,084.5 million or $2.16 per share ($1,027.5 million or $2.05 per share before changes in non-cash working capital balances⁴) and free cash flow⁴ of $620.4 million or $1.24 per share ($563.4 million or $1.12 per share before changes in non-cash working capital balances⁴)
• Strengthening financial position with further reduction of debt – The Company increased its cash position by $55.2 million to $977.2 million as at September 30, 2024. The Company continued to reduce net debt⁵ in the third quarter of 2024, repaying the $100.0 million 5.02% Series B Senior Notes at maturity and repaying $275.0 million of the $600.0 million unsecured term loan facility drawn in 2023. Total debt outstanding was $1,467.2 million as at September 30, 2024. Year-to-date, net debt has been reduced by $1,014.4 million, from $1,504.4 million at the beginning of the year to $490.0 million as at September 30, 2024
• Continued focus on shareholder returns – In the third quarter of 2024, the Company’s Board of Directors declared a quarterly dividend of $0.40 per share. Additionally, the Company repurchased 362,343 common shares at an average share price of $82.86 for an aggregate of $30.0 million through its normal course issuer bid (“NCIB”)

AGNICO EAGLE REPORTS THIRD QUARTER 2024 RESULTS – RECORD FREE CASH FLOW FOR THE FOURTH CONSECUTIVE QUARTER; BALANCE SHEET STRENGTHENED BY FURTHER DEBT REDUCTION; WELL POSITIONED TO ACHIEVE GOLD PRODUCTION AND COST GUIDANCE; ONGOING EXPLORATION SUCCESS AT EXISTING OPERATIONS AND PIPELINE PROJECTS